Apellis Pharmaceuticals, Inc.
apellis.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2026 10-Q, filed May 7, 2026. Its latest SEC filing is a SCHEDULE 13G/A from Jun 5, 2026.
10-Q for Q1 FY2026, filed May 7, 2026
The sections below describe the company as of the FY2025 annual report.
What Did They Do?
Sells SYFOVRE for geographic atrophy and EMPAVELI for blood and kidney diseases, and develops other treatments for patients with complement-related conditions.
10-K for FY2025, filed Feb 24, 2026
How Did They Make Money?
Product sales are the largest source: customers buy SYFOVRE and EMPAVELI, with sales counted when the medicines are delivered. The company also receives Sobi royalties and upfront and milestone payments under its royalty agreement.
10-K for FY2025, filed Feb 24, 2026We believe SYFOVRE has the potential to be the standard of care for patients with GA, a disease that affects an estimated 1.5 million…View ↗
We believe that EMPAVELI has the potential to be a best-in-class treatment for a range of indications with high unmet needs. We have…View ↗
On July 1, 2025, we entered into a Royalty Buy-Down Agreement, or the Royalty Agreement, with Sobi under which Sobi paid us an upfront…View ↗
In January 2026, Sobi received EMA approval of Aspaveli for C3G and primary IC-MPGN. Sobi paid us our $25.0 million milestone in February…View ↗
Revenue is recognized when, or as, the Company satisfies a performance obligation by transferring a promised good or service to a customer.…View ↗
$1B
-
10-K for FY2025, filed Feb 24, 2026
$1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
10-K for FY2025, filed Feb 24, 2026 |
69%
FY2022: 86%
|
Product, FY2025
$689.4M Sources
|
Sold outright |
|
Licensing and other revenue
|
31%
FY2022: 14%
|
Licensing and other revenue, FY2025
$314.4M Sources
|
Who Were Their Customers?
The company markets SYFOVRE to retina specialists and ophthalmologists, while specialty distributors and pharmacies support its distribution. Its teams also engage clinicians and health insurers serving people with PNH and kidney diseases.
10-K for FY2025, filed Feb 24, 2026Our U.S. field sales team has been engaging with eyecare professionals, or ECPs, focusing specifically on retina specialists and treating…View ↗
Our market access team has been engaging with primary and secondary payors representing a significant percentage of GA patients. We have…View ↗
For EMPAVELI and SYFOVRE we have defined our marketing, disease education, patient support and distribution strategies, identified primary…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.
10-K for FY2025, filed Feb 24, 2026
$55.4MView ↗
10-K for FY2025, filed Feb 24, 2026
$22.4MView ↗
10-K for FY2025, filed Feb 24, 2026
$45MView ↗
How Were They Changing?
- Net income
-
Sources
10-Q for Q1 FY2026, filed May 7, 2026
$18.7MView ↗
- ▲ Now profitable
- vs −$92.2M in Q1 FY2025
10-Q for Q1 FY2026, filed May 7, 2026
Open tableView ↗
-
May 14, 2026
Biogen completed its acquisition of Apellis
Apellis became a wholly owned subsidiary, and the company requested delisting of its common shares.
Sources
8-K, filed May 14, 2026
Item 2.01 Completion of Acquisition or Disposition of Assets.View ↗
Broader marketed portfolio
The older report described SYFOVRE as newly approved and approaching launch, while EMPAVELI was approved for a blood disease and uses for kidney conditions remained in development. The latest report describes both medicines as marketed and EMPAVELI as approved for additional kidney conditions.
10-K for FY2022, filed Feb 21, 2023 10-K for FY2025, filed Feb 24, 2026In February 2023, the U.S. Food and Drug Administration, or the FDA, approved SYFOVRE™ (pegcetacoplan injection), the first and only…View ↗
In May 2021, the FDA approved EMPAVELI (pegcetacoplan), the first targeted C3 therapy and our first approved product, for the treatment of…View ↗
We believe that inhibition of the complement system by targeting C3 may enable a broad range of therapeutic approaches, and that…View ↗
We are a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutic…View ↗
Who Did They Compete With?
Competes with Astellas Pharma US, Annexon Biosciences, Regeneron Pharmaceuticals, Alnylam Pharmaceuticals, Johnson & Johnson Innovative Medicine, Aviceda Therapeutics, Boehringer Ingelheim, Sanofi, Stealth BioTherapeutics, Belite Bio, Lineage Cell Therapeutics, AbbVie, Ocugen, Novartis, AstraZeneca, Roche Holding, Amgen, Samsung Bioepis, Novo Nordisk, and Kira Pharmaceuticals
10-K for FY2025, filed Feb 24, 2026GA. In August 2023, Astellas Pharma US Inc. received FDA approval for avacincaptad pegol, a C5 inhibitor, for the treatment of GA. We are…View ↗
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